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The U.S. Commodities Futures Trading Commission has estimated missing customer funds at more than $8 billion. The affiliates -- LedgerX, Embed, FTX Japan and FTX Europe -- are relatively independent from the broader FTX group, and each has its own segregated customer accounts and separate management teams, according to FTX court filings. In part to preserve the value of its businesses, FTX also sought Dorsey's approval to keep secret 9 million FTX customer names. Dorsey allowed the names to remain under wraps for only three months, not six months as FTX wanted. In addition to customer funds lost, the collapse of the company has also likely wiped out equity investors.

☆ SBF, who was once worth $26 billion, says he tried to survive on a jar of peanut butter when in a Bahamian prison
▼ + stars: | 2023-01-11 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +2 min

Ex-FTX CEO Sam Bankman-Fried said he tried to survive on a jar of peanut butter while locked up. He told Puck News he would skip a meal and eat a peanut-butter sandwich instead. "I spent a while trying to see how far a jar of peanut butter could get me," Bankman-Fried told Puck News. At his peak, Bankman-Fried was worth $26 billion. Bankman-Fried told Axios in November that he only has $100,000 in his bank account.

☆ FTX Reaches Agreement With Bahamas Liquidators on Asset Recovery
▼ + stars: | 2023-01-07 | by ( Alexander Saeedy | ) www.wsj.com time to read: 1 min

FTX’s new management and liquidators in the Bahamas have signed an agreement to cooperate and collect assets on behalf of creditors, capping off a prolonged row between the two parties over who controls the bankrupt exchange’s remaining property. The parties have agreed to share information, as well as help to secure and distribute assets that belong to FTX entities in the Bahamas and abroad, according to a Friday press release. FTX had been headquartered in the Bahamas since 2021 and its international exchange was overseen by Bahamian regulators.

☆ FTX reaches agreement over U.S. and Bahamas bankruptcy proceedings
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: 1 min

Jan 6 (Reuters) - FTX and its affiliated debtors said the cryptocurrency exchange's U.S. bankruptcy estate and the liquidators of its affiliated operations in the Bahamas reached an agreement to coordinate their operations. The two sides will work to share information, secure property and coordinate litigation against third parties, according to a mutual statement. Legal teams for the U.S. and Bahamian operations had been locked in a dispute over access to internal records and value of holdings of their operations. FTX collapsed into bankruptcy in November and its founder Sam Bankman-Fried has been charged with fraud by U.S. prosecutors. Reporting by Akash Sriram in Bengaluru; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ FTX spent nearly $7 million on food and over $15 million on luxury Bahamian hotels in just 9 months, court documents show
▼ + stars: | 2023-01-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

FTX's Bahamian entity spent nearly $40 million on hotels, food, and travel in just nine months. They show the company spent almost $6 million at a single hotel and $1 million on one caterer. Lawyers pointed out that the crypto exchange's Bahamian company, FTX Digital Markets, generated no customer revenue, but spent lavishly. From January to September 2022, the company spent $15.4 million on luxury hotels and accommodation, the filings say. Almost half of that was spent on catering services, with the largest amount, $1.4 million, spent on catering at the Hyatt.

Jan 6 (Reuters) - FTX's U.S.-based bankruptcy team have agreed to coordinate with liquidators winding down the crypto exchange's operations in the Bahamas, resolving a dispute that threatened the recovery of what could be billions of dollars in lost funds. FTX’s U.S. bankruptcy team has been at odds with Bahamian officials since November, when competing bankruptcies were filed in the two countries. The Securities Commission of the Bahamas began liquidation proceedings on Nov. 10 against FTX Digital Markets Ltd., the company's Bahamas-based unit. The next day a U.S. Chapter 11 proceeding was filed in Delaware, which included more than 100 FTX entities including FTX Trading and crypto hedge fund Alameda Research. Bahamian regulators have seized FTX assets, which officials said was meant to safeguard assets that will ultimately be returned to creditors of FTX Digital Markets.

☆ Judge Ordered Seizure of Money from FTX Digital Markets Accounts at Silvergate
▼ + stars: | 2023-01-05 | by ( Peter Rudegeair | Alexander Saeedy | ) www.wsj.com time to read: 1 min

A federal judge recently ordered the seizure of about $93 million that an FTX unit was keeping in accounts at Silvergate Capital Corp., according to a court filing Wednesday. Silvergate disclosed the seizure in a filing to a Delaware bankruptcy court handling the insolvency of FTX Digital Markets, a Bahamian-based subsidiary of crypto exchange FTX. The joint provisional liquidators of FTX Digital Markets in the Bahamas previously asked the court on Dec. 23 to transfer the $93 million out of Silvergate to “ensure the safety” of the funds.

☆ US prosecutors have launched an FTX Task Force to track down and recover missing crypto customer funds totalling at least $3 billion
▼ + stars: | 2023-01-04 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

New York prosecutors have set up an FTX Task Force team to probe the collapse of the crypto exchange. The team will work to trace and recover missing FTX customer funds, which total at least $3 billion. More than 1 million customers could be affected by what the US government has described as an epic fraud at FTX. The task force team brings together senior prosecutors with expertise in securities and commodities fraud, public corruption, money laundering and transnational criminal enterprises. The FTX businesses are estimated to owe their biggest creditors up to $3 billion, per the Financial Times, while Reuters reported that Bankman-Fried transferred at least $4 billion in FTX funds, including customers' money, to Alameda.

Sam Bankman-Fried pleaded not guilty in New York federal court Tuesday to eight charges related to the collapse of his former crypto exchange FTX and hedge fund Alameda Research. The onetime crypto billionaire was indicted on charges of conspiracy to commit wire fraud and securities fraud, individual charges of securities fraud and wire fraud, money laundering, and conspiracy to avoid campaign finance regulations. Federal prosecutors also announced the launch of a new task force to recover victim assets as part of an ongoing investigation into Bankman-Fried and the collapse of FTX. Federal prosecutors built the indictment against Bankman-Fried with unusual speed, packaging together the criminal charges against the 30-year-old in a matter of weeks. The federal charges came alongside complaints from the Commodity Futures Trading Commission and the Securities and Exchange Commission.

☆ Bahamas regulator sticks to estimate of FTX assets
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Jan 2 (Reuters) - The Securities Commission of the Bahamas (SCB) rebuffed on Monday FTX's claims about the digital assets of its Bahamas unit held by the regulator, saying the debtors of the bankrupt cryptocurrency exchange had "incomplete information". Last month, the SCB said it had seized more than $3.5 billion in cryptocurrency from the unit, FTX Digital Markets, which it was holding for future repayment to customers and other creditors. FTX disputed SCB's calculations, saying its digital assets seized in November were worth just $296 million and not $3.5 billion. "Such public assertions by the Chapter 11 debtors werebased on incomplete information," the regulator said in a statement on Monday. Bahamas officials have sought access to FTX's records to help liquidate FTX Digital Markets, but the company's U.S. bankruptcy team said it did not trust them with the information.

☆ Happy New Year! In 2023 kick out Trump, Elon Musk, Kanye and Depp
▼ + stars: | 2023-01-01 | by ( Lynn Stuart Parramore | Lynn Stuart Parramore Is A Cultural Historian Who Studies The Intersection Of Culture | Psychology | ) www.nbcnews.com time to read: +9 min

Though in far different fields, men like Ye (formerly known as Kanye West), Elon Musk, Donald Trump, Johnny Depp and Sam Bankman-Fried will forever be linked by this ignominious characteristic. Over the past 12 interminable months, America has witnessed the rantings of Hitler-loving Ye; Musk’s edgelord trolling on his new plaything, Twitter; Depp and his toxic TikTok fanboys; and Trump being Trump on any given day. While seemingly not vain like Ye or Depp or openly thuggish like Trump and Musk, he nonetheless exhibits traits that point to something sinister behind the “just-a-regular-dude” persona. Trump seems to be losing ground, and Republicans on the House Judiciary Committee finally took down their “Kanye. Musk asked Twitter users whether he should step down as CEO, and they voted “yes.”Unfortunately, until we address roots causes, there will always be another blustering bully, another Trump, another Ye.

☆ The ultimate insider's guide to the dramatic downfall of Sam Bankman-Fried, Caroline Ellison, and FTX
▼ + stars: | 2023-01-01 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +11 min

Sam Bankman-Fried is facing criminal charges and is expected to enter a plea on Jan. 3. Read Insider's coverage of Bankman-Fried:FTX founder Sam Bankman-Fried gets by on 4 hours' sleep and multitasks on 6 screens. Now hit with 7 criminal charges, Ellison has pleaded guilty and expressed contrition before the New York federal court presiding over the criminal cases involving Bankman-Fried. Sam Bankman-Fried is in jail, but legal watchers are wondering: Where's ex-girlfriend Caroline Ellison? Sam Bankman-Fried hit with 8 criminal charges, including fraud and conspiracy for allegedly 'misappropriating' FTX customer fundsThe SEC has charged Sam Bankman-Fried and accused him of 'orchestrating a massive, years-long fraud'The criminal charges against Sam Bankman-Fried carry big penalties and jail time if proven, legal experts sayRead the CFTC complaint against FTX's Sam Bankman-Fried and his associates Caroline Ellison and Gary WangThe charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds

☆ Bahamas regulator holds FTX assets pending delivery to customers, creditors
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +1 min

Dec 29 (Reuters) - The Securities Commission of the Bahamas said on Thursday that it is holding FTX assets worth $3.5 billion based on market pricing at the time of transfer on a temporary basis to deliver them to customers and creditors who own them. FTX's Bahamas unit's digital assets were transferred to digital wallets under the exclusive control of the commission in November soon after the company and its hedge fund Alameda Research and dozens of affiliates filed for U.S. bankruptcy. "All transferred assets were and remain under the sole control of the commission," Rolle said. The authorities in the Bahamas, where the company had its headquarters, appointed liquidators to wind down FTX's international trading business soon after the company announced bankruptcy. Reporting by Urvi Dugar and Akanksha Khushi in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSolana soars, and Bahamian regulator says it seized $3.5 billion of FTX assets: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Konstantin Richter, the founder and CEO of Blockdaemon, breaks down whether crypto's adoption rate will slow down following the collapse of FTX.

☆ Bahamian regulator says it seized $3.5 billion of FTX crypto assets for 'safekeeping'
▼ + stars: | 2022-12-30 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

The Securities Commission of The Bahamas says it seized $3.5 billion worth of cryptocurrency from collapsed crypto exchange FTX. In a media release late Thursday, the watchdog confirmed the total sum taken from FTX's Bahamian subsidiary, FTX Digital Markets, and added that the funds were moved into its own digital wallets "for safekeeping." The regulator had previously confirmed it was holding some of FTX's digital assets but did not specify the amount. The transfer took place on Nov. 12, the day after FTX filed for Chapter 11 bankruptcy protection in the U.S. The regulator said it took the funds after receiving information from Sam Bankman-Fried, FTX's disgraced co-founder, concerning cyberattacks on the systems of FTX's Bahamian unit.

☆ FTX founder Sam Bankman-Fried was 'chilling' in the American Airlines lounge at JFK before flying business class to his parents' home to await trial
▼ + stars: | 2022-12-24 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

FTX cofounder Sam Bankman-Fried was seen at JFK Airport in a business class lounge on Thursday. Litquidity tweeted pictures of the former CEO before he boarded a flight to San Francisco. Bankman-Fried was released on a $250 million bond while awaiting trial. The cofounder and former CEO of collapsed crypto trading platform FTX was released on a $250 million bond on Thursday. Litquidity tweeted pictures of Bankman-Fried at JFK on Thursday.

☆ FTX US's auditor stands by its accounting work for the collapsed crypto exchange, report says
▼ + stars: | 2022-12-23 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Armanino, the auditor for FTX's US branch, defended its accounting work for the exchange. "We were never engaged to audit internal controls," the company's chief operating officer told the FT.Armanino has stopped its auditing and proof of reserve work. "We definitely stand by the FTX US work," Armanino chief operating officer Chris Carlberg told the Financial Times on Friday. During a congressional hearing, Ray pointed to the fact that the multibillion-dollar crypto exchange used QuickBooks to manage its finances, and approved invoices via Slack. Armanino and Prager Metis, the auditor of FTX International, are being sued by FTX customers.

☆ An Insider’s Guide to the Bahamas—Beyond the Resort Bubble
▼ + stars: | 2022-12-22 | by ( Mike Jordan | Photographs Melissa Alcena For The Wall Street Journal | ) www.wsj.com time to read: +1 min

I HAVE VISITED the Bahamas around 10 times in the last 25 years, beginning in 1998, for a company retreat. That year the Royal Towers of the Atlantis resort on Paradise Island were just opening, more than doubling the room count to 2,300 and making it the largest resort in the Caribbean at the time. For a young adult experiencing the West Indian islands for the first time, that manicured enclave just off the main Bahamian island of New Providence felt like paradise. But that year also marked the completion of the Sir Sidney Poitier Bridge, connecting Paradise Island to Nassau, the Bahamian capital and largest city on New Providence island. Though I spent that first trip giddily contained in a resort bubble, seeing my godfather’s name on the road signs made me wonder if a more authentic version of the Bahamas lay across the bridge.

☆ Sam-Bankman Fried to be released on $250 million bail and will be required to stay with parents ahead of FTX trial
▼ + stars: | 2022-12-22 | by ( Jacob Shamsian | Sindhu Sundar | ) www.businessinsider.com time to read: +6 min

Sam Bankman-Fried was granted release on $250 million bail at a court hearing Thursday. He will be required to surrender his passport and stay with his parents ahead of a federal trial on a list of charges tied to the failure of FTX. Bankman-Fried will be required to attend a court hearing in California at 10 a.m. Friday, Gorenstein ruled. Another court hearing is scheduled for January 3 in Manhattan, where Bankman-Fried is expected to enter a plea. Criminal allegations against Ellison and Wang, first filed on December 19, were unsealed in court on Thursday morning ahead of Bankman-Fried's court appearance.

Dec 22 (Reuters) - FTX founder and former Chief Executive Sam Bankman-Fried, who faces U.S. fraud charges over the collapse of FTX, ran his crypto empire with a number of associates. GARY WANGGary Wang co-founded FTX and Alameda Research with Bankman-Fried, and served as FTX's chief technology officer. He and Bankman-Fried met at a math camp in high school and became college roommates, Bankman-Fried wrote in a now-unavailable FTX blog. Wang worked as a software engineer at Google before co-founding FTX and Alameda, according to an archived webpage for the FTX Future Fund, the company's charitable effort. NISHAD SINGHNishad Singh was a best friend of Bankman-Fried's brother in high school, Bankman-Fried wrote in the deleted blog post.

☆ The charges against Caroline Ellison, SBF, and FTX cofounder Gary Wang — in 60 seconds
▼ + stars: | 2022-12-22 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +4 min

Alameda's former CEO Caroline Ellison and FTX cofounder Gary Wang are in the SEC's crosshairs. US Attorney Damian Williams said on Wednesday that Ellison and FTX cofounder Gary Wang had pleaded guilty to various charges, including fraud, and are cooperating with the government. Still, Ellison and Wang perpetuated the alleged fraud of FTX's investors and customers, according to the SEC. That gave the firm broad access to FTX customer funds — and Ellison knowingly traded at Alameda using that money. The complaint largely painted Bankman-Fried as the one making allegedly fraudulent assurances to investors, but cast Ellison and Wang as loyal enablers.

☆ Sam Bankman-Fried could be bailed and placed under house arrest after he's extradited to the US, reports say
▼ + stars: | 2022-12-21 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried could be bailed and placed under house arrest after extradition to the US. One option being explored, alongside house arrest, is electronically monitoring Bankman-Fried. Two people familiar with the matter told the Times that the deal could see Bankman-Fried placed under house arrest. Since then, Bankman-Fried has spent just over a week in the notoriously-harsh Fox Hill prison, which reports say is overcrowded and understaffed. One official at the prison told The Washington Post that the FTX founder appeared "awfully scared," but seemed like a "nice guy."

Indicted FTX founder Sam Bankman-Fried on Tuesday agreed to be extradited from the Bahamas to the United States, according to a Bahamian court official. The paperwork has been filed with the court, and Bankman-Fried will fly to the U.S. on Wednesday, said Doan Cleare, acting Commissioner of Corrections, Bahamas Department of Correctional Services. Bankman-Fried, 30, is accused of misappropriating billions of dollars deposited in FTX, a huge cryptocurrency exchange that collapsed in November. At one time FTX was reportedly valued at $32 billion and seen as the face of the industry. Once he’s back in the U.S., Bankman-Fried can request that he be released on a bail.

Sam Bankman-Fried, co-founder of FTX, is escorted out of the Magistrate's Court in Nassau, Bahamas, on Monday, Dec. 19, 2022. FTX founder Sam Bankman-Fried signed extradition papers in the Bahamas and will return to the U.S. on Wednesday, a Bahamas prison official told NBC News. Bankman-Fried stands accused by federal law enforcement and financial regulators of perpetrating what the SEC called one of the largest and most "brazen" frauds in recent memory. Bankman-Fried was indicted in New York federal court on Dec. 9 and was arrested three days later by Bahamas law enforcement at the request of U.S. prosecutors. WATCH: Sam Bankman-Fried defied the advice of lawyers

☆ Sam Bankman-Fried defies advice of his lawyers by agreeing to U.S. extradition
▼ + stars: | 2022-12-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSam Bankman-Fried defies advice of his lawyers by agreeing to U.S. extraditionCNBC's Kate Rooney joins 'TechCheck' to discuss Sam Bankman-Fried's decision to agree to U.S. extradition, the confusion between Bahamian and American legal teams over the case, the 8 criminal counts against him and the virtual hearing of FTX's bankruptcy case underway.

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